The market opened higher on Friday as stocks rallied on the back of solid economic data and the Federal Reserve’s new inflation policy that will keep interest rates lower for longer.The Dow Jones Industrial Average was up 0.2%, over 50 points, on Friday, while the S&P 500 rose 0.2% and the tech-heavy Nasdaq Composite gained 0.5%.
The Dow is trying to erase its 2020 losses and turn positive for the year, after briefly doing so on Thursday: The index has now climbed nearly 57% from the market’s low point in March. Stocks moved higher after U.S. consumer spending rose by a moderate 1.9% in July, the third straight monthly increase, according to data from the Commerce Department.announced
a “robust updating” of policy in which the Fed will allow inflation to run “moderately” above its long-running 2% goal. Meanwhile, sentiment was held in check by an ongoing stalemate over the next coronavirus stimulus bill: House Speaker Nancy Pelosi spoke to White House chief of staff Mark Meadows for the first time in weeks on Thursday, but said that both sides remain at a “
It’s an artificial “boom”. This is the result of the USTreasury buying over a trillion dollars in corporate bonds.
Amazing how well the economy has done and how well some businesses have boomed even during a worldwide pandemic. Its great to see, when the pandemic passes we will have a massive boom in the travel industry next which leads to many jobs.
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